South Korea will support the "normal" cryptocurrency trade

1 minute reading time(198 words)

South Korea, it seems, is softening its position regarding the trade in cryptocurrencies. According to Yonhap News, Choe Heung-sik, head of the Financial Supervision Service, said that the government "will support crypto-trade in the performance of normal transactions." Cho also said at a meeting with representatives of crypto-exchanges that the government would "encourage" banks to work with stock exchanges.

Despite the brevity of this statement, it is of great importance for the South Korean cryptocurrency community after several months of uncertainty, when the government was going to ban cryptocurrency trade, then the cryptocurrency was reported about the forthcoming taxation.

After the news appeared that South Korea could "ban or suspend" trading, prices for digital currencies, including Bitcoin, fell sharply in mid-January. Soon, the country's finance minister calmed the representatives of the markets, stressing that the regulation of crypto-exchanges is "the immediate task of the government," although he did not rule out the possibility of a ban.

The ban on anonymous trade in cryptocurrencies in South Korea came into force on January 30 - now cryptocurrency transactions should be conducted through accounts tied to identity cards. Exchanges and traders who neglect the decree will be fined if such violations are found.